Kazakhstan Issues In-Principle Approval for Crypto Exchange Binance to Operate

Image Credit: Shutterstock.com

As a preliminary step toward obtaining a license to operate as a digital asset trading facility and custody provider in the Astana International Financial Centre, cryptocurrency exchange Binance has received preliminary approval from the Astana Financial Services Authority (AFSA) to operate in Kazakhstan (AIFC).

The independent financial technology regulator AFSA is the first in the nation of central Asia to give any Binance entity in-principle approval. Start-ups are permitted to engage in regulated activities by the AIFC. Before beginning operations, Binance Kazakhstan must finish the entire application process, the company stated in a blog post on Monday.

Kazakhstan, a nation known for its cryptocurrency mining, has been working with Binance to develop a regulatory framework for digital assets as the nation aims to grow its crypto industry. The business announced in May that it would assist the nation in creating regulations for digital assets. While doing this, the exchange strengthened its compliance team and received approvals and provisional approvals from nations like France, Dubai, and Spain after receiving criticism from regulators in places like the United Kingdom and Japan last year, as well as Uzbekistan and Israel this year. The blog post by Binance CEO Changpeng Zhao stated, “This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment across the globe.”